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Deal Announcement 02/24: Retail & Consumer

PwC acted as exclusive M&A advisor on the sale of Tennis-Point to an investor consortium led by Orlando Capital

The Deal

The PwC M&A team is pleased to announce the successful sale of the internationally operating e-commerce specialist Tennis-Point to a consortium of investors led by the investment company Orlando Capital V (“Orlando”) and including the company founder and current Managing Director Christian Miele. 

The consortium took over the business operations of Tennis-Point Group, i.e. Tennis-Point GmbH including its European sales subsidiaries and Tennis-Point Midwest (USA). Tennis-Point Group has been part of the Signa Sports United Group.

Georg Madersbacher, Partner at Orlando Capital GmbH: “Tennis-Point has built up an excellent market position in the international market for tennis products in recent years. The acquiring consortium is convinced that the company will continue its success story with the right measures. To this end, we will provide Tennis-Point with the necessary financial resources. The agreements that have now been reached are a clear signal to all customers, suppliers and employees that the period of uncertainty for the company is over.”

The Tennis-Point Group currently has 500 employees, thereof 400 in Germany. The consolidated revenue in financial year 2022/2023 was about EUR 190 Mio.

Tennis-Point filed for insolvency last October. Dr. Christian Gerloff (Gerloff Liebler Rechtsanwälte) and Mr Stefan Meyer (PLUTA Rechtsanwalts GmbH) were appointed as (preliminary) insolvency administrators.

Dr. Christian Gerloff: “We have succeeded in finding a good solution for the future of Tennis-Point within just two and a half months and in successfully completing the investor process just a few days after the insolvency proceedings were opened. The solution that has now been found will benefit not least the employees, who will have the opportunity to continue Tennis-Point's success story under new management.” Stefan Meyer added: “The close coordination and constructive, professional cooperation in the individual insolvency proceedings of the Signa Sports United Group was the key factor in reaching successful restructuring and continuation agreements quickly.”

The transaction was closed on 1st February 2024.

PwC advised Tennis-Point, Gerloff Liebler and PLUTA with its in-depth distressed M&A expertise. Tennis-Point attracted significant interest both from international strategic as well as financial investors. Despite the very ambitious timeline, PwC was able to keep a fierce competition between several interested investors until the signing of the transaction. The consortium finally convinced the sellers with the most attractive offer and strategic concept. 

Tennis-Point

Tennis-Point GmbH, based in Herzebrock-Clarholz in East Westphalia, sells a wide range of tennis products and operates various online stores (including www.tennis-point.de), 13 brick-and-mortar stores in Germany and 20 other stores in other European countries via subsidiaries. The sister company in the USA act as sales companies.

Investor consortium

The Munich based investment company Orlando Capital V is the leader of the consortium of investors, which also includes a group of East Westphalian entrepreneurs Dinko Muhic, Thomas Hagedorn and Christian Hülsewig as well as Tennis-Point Managing Director Christian Miele. Miele is one of the founders of the company in 2007.

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 364.000 employees in 152 countries (“global PwC-Network”). Our global network comprises over 3,700 deal professionals all over the world, realising approx. 700 successful transactions per year. Our Distressed M&A team led by Timo Klees (Partner) is market leading in Germany and has successfully advised on more than 70 transactions out of special situations and insolvency situations in recent years. Latest transactions include among others Steuler Fliesengruppe, Compleo, Prophete, IBEO, Ludwig Pfeiffer, Lechner, scanplus, Nobiskrug, Aluminium Rheinfelden, Poggenpohl, Dradura, Fintyre, Thomas Cook and Vapiano.

The PwC M&A team consisted of Timo Klees (Partner), Fabian Dalka (Director), Julia Jaumann (Senior Manager) and Leonard Best (Associate).

Contact us

Timo Klees

Timo Klees

Partner, Head of Corporate Finance | M&A Distressed & Special Situations, PwC Germany

Tel: +49 151 10060451

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